Bitcoin has successfully managed to flip its popularity among Japanese investors over the last two years and dethroning XRP by a large margin. Bitcoin now leads a 51.36% market share in Japan against XRP with 27.54%.
Bitcoin has ultimately dethroned XRP in terms of popularity among Japanese cryptocurrency investors and enthusiasts. Japan Virtual and Crypto Assets Exchange Association (JVCEA) has recently released a report that means Bitcoin investors in Japan have grown the once-dominant XRP investors.
It clearly means that the Japanese investors are also preferring Bitcoin over XRP as a long-term investment. XRP was once the most preferred choice of Japanese investors. However, due to its muted performance over the years, the Japanese investors are shifting to other altcoins and more preferably Bitcoin.
In the crypto-friendly country of Japan, Bitcoin still continues to be accepted as a legitimate means of payment. However, XRP dominated the market for a long time with the maximum number of crypto HODLers. As per the recent report, the equation has flipped in favor of Bitcoin.
Back in 2018, XRP dominated a massive 51.43% share in the Japanese crypto market. It was also way ahead to Bitcoin which was occupying a 35% share. This is as per the new surveys released by market analysts Yuya Hasegawa of the FSA licensed stock exchange BitBank.
But Hasegawa’s survey says that XRP’s poor performance caused it to lose a lot many followers in the last two years. The latest survey shows that Bitcoin now leads a market 51.36% market share in Japan. On the other hand, XRP has been reduced to half or a mere 27.54% followed by Ethereum at 9.48%.
Rise of Bitcoin and Fall of XRP
Over the last year or 18 months, Bitcoin has been showing good performance in the market. On the other hand, XRP continues with its laggard performance. Since January 2019, BTC price has surged nearly over 150% while XRP price has surged only 17%.
We have also seen that the institutional interest in BTC is surging at a faster speed. Platforms like Bakkt and other are working to provide more institutional-grade trading and custodial solutions to investors.
Whereas XRP continues through its own problems of security lawsuits. As a result, it has failed to penetrate major markets when it comes to utility or as an investment option. There have also been some positive developments for the company that widely uses XRP in its solutions – Ripple.
Recently, Ripple launched a new global payment service PayID joining hands with Brave, Huobi, and 40 other FinTech platforms. Moreover, the company also added 5 more clients to its RippleNet Cloud solutions. While Ripple continues to expand its footprint with its blockchain-based solutions, it has largely missed on expanding its XRP-based payments solutions.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.